128-Unit Avenue trades in Nederland128-Unit Avenue trades in Nederlandhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=81302013-02-25T06:50:00Z2013-02-25T00:00:00Z

NEDERLAND, JEFFERSON COUNTY - Secondary markets in Texas are becoming positive targets for multifamily property investors, which was recently proved by the closing of two different properties in separate transactions.

The 128-unit Avenue, located at 2900 Nederland Ave., sold for between $10 million and $11 million to Avenue Apartment Investors LLC, with Nederland Avenue Apartments Ltd being the seller.

The complex — which is 94 percent occupied — has 116,640 sf of net rentable space and has an average rent of $1.11 per sf, according to Cushman & Wakefield.

In Corpus Christi, the 169-unit Bay Vista Apartments, located at 522 Hancock Ave. traded at a price range between $16 million and $18 million. It was sold by Bay Vista Apartments I LP to Sage Properties Corp.

Both assets were stable from a leasing standpoint and are of Class A quality, having been constructed within the last five years.

Read more at Globe St.

Beaumont-Port Arthur
http://www.globest.com/news/12_545/southwest/multifamily/secondary-market-momentum-297-units-trade-hands-330305.htmlRead more at {Source}

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